From executive promotions to layoffs, here are five updates from Oakland, Calif.-based Kaiser Permanente since April 25:
1. Kaiser plans to sell up to $3.5 billion of holdings in private-equity funds due to cash constraints, and is working with investment bank Jefferies Financial Group to offload up to $3.5 billion of stakes to secondary buyers. A spokesperson for the system told Becker's that the recent shift in investment out of private equity is not driven by liquidity concerns.
2. Kaiser reported $935 million in operating income for the first quarter up from a $233 million operating income reported in the same quarter last year, and its operating margin grew from 0.9% in the first quarter of 2023 to 3.4% in the first quarter of this year.
3. Kauser is laying off 76 employees in California, primarily in IT and marketing by June 21. The layoffs will affect 33 employees in Pleasanton, 25 in Pasadena, 11 in Oakland, 3 in San Diego, 2 in Downey, and 1 each in Sacramento and Burbank.
4. Kaiser named two new C-suite leaders to oversee business development and innovation. Sam Glick will serve as executive vice president for enterprise strategy and business development, and Shelby Decosta was appointed chief business development officer.
5. Kaiser notified current and former patients that it shared information with third-party advertisers. Kaiser Foundation Health Plan reported to the HHS' data breach portal that 13.4 million current and former members were affected by the breach. The cause of the breach was the use of online technologies on its websites and mobile applications that transmitted data to third-party vendors.